openPR Logo
Press release

Lawsuit filed for Investors in shares of World Wrestling Entertainment, Inc. (NYSE: WWE)

03-14-2020 04:22 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in World Wrestling Entertainment, Inc. (NYSE: WWE) shares.

A lawsuit was filed on behalf of investors in World Wrestling Entertainment, Inc. (NYSE: WWE) shares.

An investor, who purchased shares of World Wrestling Entertainment, Inc. (NYSE: WWE), filed a lawsuit over alleged violations of Federal Securities Laws by World Wrestling Entertainment, Inc. i

Investors in shares of World Wrestling Entertainment, Inc. (NYSE: WWE) have certain options and for certain investors are short and strict deadlines running. Deadline: May 5, 2020. NYSE: WWE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Stamford, CT based World Wrestling Entertainment, Inc., an integrated media and entertainment company, engages in the sports entertainment business in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. In recent years, World Wrestling Entertainment, Inc. has entered into important strategic relationships with the Kingdom of Saudi Arabia, including a multi-year television distribution rights agreement with the Orbit Showcase Network ("OSN"), a Saudi-controlled direct broadcast satellite provider, and a 10-year partnership with the Saudi General Sports Authority to host live events in Saudi Arabia.

On April 25, 2019, World Wrestling Entertainment, Inc. disclosed disappointing financial results and fiscal guidance, which several analysts connected to potential hiccups in the Company's dealings with the Saudis.

On October 31, 2019, in connection with the release of the Company's third quarter 2019 financial results, World Wrestling Entertainment, Inc. revealed significant underperformance across key metrics and revealed that the media rights deal had been indefinitely delayed. Around this same time, it was reported that the Saudi government had withheld tens of millions of dollars in payments owed to WWE. The dispute continued to escalate, culminating in a decision by WWE to cut a broadcasting feed of a live event held in the country. In retaliation, the Saudi government temporarily refused to allow several WWE wrestlers to leave the country in what was later described as akin to a "hostage situation" under the pretense of mechanical airplane issues.
Then, on January 30, 2020, World Wrestling Entertainment, Inc. revealed that two of its longest serving senior executives had been ousted.

On February 6, 2020, World Wrestling Entertainment, Inc. disclosed disappointing financial performance due to its failure to secure a favorable broadcasting deal with the Saudis and revealed that the Saudi media rights deal would not be included in the Company's financial forecasting

According to the complaint the plaintiff alleges on behalf of purchasers of World Wrestling Entertainment, Inc. (NYSE: WWE) common shares between February 7, 2019 and February 5, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 7, 2019 and February 5, 2020, the defendants failed to disclose that WWE was experiencing rising tension with the Saudi government and a breakdown in negotiations over a renewed broadcasting distribution deal; that the Saudi government and its affiliates had failed to make millions of dollars in payments owed to WWE pursuant to existing contractual commitments between the parties; that OSN had terminated the broadcast of WWE programming in the first quarter of 2019, despite a contractual obligation to continue such broadcasts, and that this cancellation was symptomatic of a deterioration in the business relationship between the parties; that OSN had rebuffed efforts to renew a distribution rights agreement on terms acceptable to WWE; and that WWE did not have the ability to expand its operations in the Middle East or within Saudi Arabia as had been represented to investors.

Shares of World Wrestling Entertainment, Inc. (NYSE: WWE) declined from $100.10 per share in April 2019 to as low as $40.24 per share on February 6, 2020, respectively $31.05 per share on March 13, 2020.

Those who purchased shares of World Wrestling Entertainment, Inc. (NYSE: WWE) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Lawsuit filed for Investors in shares of World Wrestling Entertainment, Inc. (NYSE: WWE) here

News-ID: 1967223 • Views: 346

More Releases from Shareholders Foundation

Investigation announced for Investors in shares of Qurate Retail, Inc. (NASDAQ: …
Qurate Retail, Inc is under investigation over potential securities laws violations in connection with certain financial statements. Investors who purchased shares of Qurate Retail, Inc. (NASDAQ: QRTEA), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm focuses on whether a series of statements by Qurate Retail, Inc. regarding its business, its prospects and its operations were materially false
Lawsuit filed for Investors in shares of Allakos Inc. (NASDAQ: ALLK)
An investor, who purchased shares of Allakos Inc. (NASDAQ: ALLK), filed a lawsuit over alleged Securities Laws violations by Allakos Inc. in connection with certain allegedly false and misleading statements. Investors who purchased shares of Allakos Inc. (NASDAQ: ALLK) have certain options and for certain investors are short and strict deadlines running. Deadline: May 11, 2020. NASDAQ: ALLK investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 -
Investigation announced for Investors in NASDAQ:LNDC shares over potential Wrong …
An investigation was announced concerning potential breaches of fiduciary duties by certain directors at Landec Corporation. Investors who purchased shares of Landec Corporation (NASDAQ: LNDC) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm concerns whether certain Landec directors breached their fiduciary duties and caused damage to the company and its shareholders. Santa Clara, CA based Landec Corporation, together
Lawsuit filed for Investors in shares of PaySign, Inc. (NASDAQ: PAYS)
An investor, who purchased shares of PaySign, Inc. (NASDAQ: PAYS), filed a lawsuit over alleged Securities Laws violations by PaySign, Inc. Investors in shares of PaySign, Inc. (NASDAQ: PAYS) should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. On September 9, 2019, PaySign, Inc lowered its fiscal 2019 revenue guidance to a range of $35 million to $37 million, from prior guidance range of $38 million to $40

All 5 Releases


More Releases for WWE

WWE® Superstars Hardy Boyz™ To Appear At Wizard World Comic Con Austin, Satur …
WWE® Superstars Hardy Boyz™ will make a triumphant return to the circuit when they attend Wizard World Comic Con Austin at the Austin Convention Center on Saturday, November 18. They will greet fans, pose for photo ops and sign autographs from 3-6 p.m. Jeff Hardy dared the WWE Universe to dream big. Going from a scrawny teenager to one of the most popular WWE Champions in history, The Charismatic Enigma showed
WWE® Superstar Big Show® To Attend Wizard World Atlanta Comic Con, Saturday, M …
The inaugural Wizard World Atlanta Comic Con just got a lot “bigger” as The World’s Largest Athlete, WWE Superstar Big Show, will attend Wizard World Atlanta Comic Con on Saturday, May 31, at the Georgia World Congress Center. It will mark the first Wizard World appearance for the 7-foot-tall, 441-pound, larger-than-life WWE Superstar who will sign autographs and pose for photo ops from 12:30-2:45pm and will participate in a Q/A
WWE® Superstar Randy Orton® To Attend Wizard World St. Louis Comic Con on Frid …
It will be a homecoming for St. Louis native WWE® Superstar Randy Orton® when he attends 2013 Wizard World St. Louis Comic Con on Friday, March 22, at America's Center. Orton will meet fans, sign autographs and pose for photo-ops in a two-hour appearance from 5:30-7:30 p.m. Orton, who earned the distinction of being the youngest World Heavyweight Champion in WWE history, saw his star rise when he won the
WWE® Superstar The Miz® To Appear At 2013 Wizard World Portland Comic Con
WWE® Superstar The Miz® will make his first Wizard World appearance at Portland Comic Con on Friday, Feb. 22, at the Oregon Convention Center. The “Most Must See WWE Superstar” and reality TV star will be on site from 5-7:30 p.m. First introduced to TV audiences as one of the seven strangers on The Real World: Back to New York, The Miz and his outspoken personality have helped him rise
Lee, Shatner, WWE® Superstar CM Punk®, Dushku Among Stars At Wizard World Ohio …
Comics legend Stan Lee, pop culture icon William Shatner, WWE® Superstar CM Punk® and “Buffy the Vampire Slayer” star Eliza Dushku headline the celebrity roster as Wizard World Ohio Comic Con returns to the Greater Columbus Convention Center, September 28-30. They will be joined by many of the world's greatest comics creators, exhibitors and thousands of fans in a celebration of all things pop culture in an expanded format,
WWE® TAG TEAMS WITH TOUT
STAMFORD, Conn., July 11, 2012 – WWE (NYSE:WWE) announced today an investment in and strategic partnership with Tout Industries, Inc. that will leverage WWE’s vast array of assets, including television, live events, digital, print and more than 100 million social media followers to expand Tout’s platform for real-time video status updates, creating a new dynamic social experience for WWE fans. Beginning July 23 during the historic 1,000th episode of Monday